Improving Governance in Africa

Conservative management of liquidity USD 13.5 billion of treasury investments* USD 8 billion Mandatorily at Fair Value Trading portfolio to meet short and medium term cash flow needs AAA 43% AA+ to AA- 43% Multi-currency portfolio including: USD EUR GBP USD 5.5 billion held at amortized cost to stabilize BBB+ and lower 0.56% A+ and below 13% JPY CHF CAD ZAR net interest margin Investment objectives 67% AfDB investment portfolio 19% 10% 3% 1% Capital preservation Liquidity Return Sovereign Supranational and Agencies Financial institutions Time Deposits Corporate bonds ABS *As of 30 June 2016 32

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